Advantages

The excitement of taking responsibility for the success of your business.

Working from home means no long commuting or office politics to worry about.

Disadvantages

There are several disadvantages to being self-employed:

Lack of job security.

Unpredictable income.

Very long hours when you are starting up.

Lost earnings if you are sick or take a holiday.

If you work alone, you can feel lonely and isolated.

If you work from home, your work can encroach on your home life.

Other concerns

A common concern from teachers who are thinking of leaving teachers is the potential drop in income. I often hear, “I can’t afford to leave teaching”. The first thing you need to do is write down exactly how much you need to pay mortgage/rent and all bills. The reality is that there are many things that people spend their money on that are non-essential. For example, I know people who buy a £3 coffee every morning before work. That’s £15 per week, £60 per month, and over £650 per year… just on a morning coffee! There are plenty of ways that people can save money.